Whale accumulation surges as XRP joins the U.S. crypto reserve—what does this mean for its future price?
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Trump’s U.S. crypto reserve sparks debate, with XRP’s inclusion drawing criticism and support.
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XRP surges 17.02% as whales accumulate, signaling growing institutional confidence.
Donald Trump’s recent announcement of a U.S. strategic crypto reserve has sparked intense debate, particularly over Ripple’s [XRP] inclusion. While Bitcoin [BTC]’s selection was widely expected, given its status as “digital gold,” XRP’s role has drawn scrutiny from critics like Peter Schiff. Schiff, a longtime Bitcoin skeptic, questioned why XRP was chosen, fueling broader discussions about its legitimacy in a government-backed reserve.
“I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So, let’s create a Bitcoin reserve, too. But what’s the rationale for an XRP reserve? Why the hell would we need that?”
Charles Hoskinson defends XRP
On the other hand, in an unexpected twist, Cardano [ADA] founder Charles Hoskinson—despite past clashes with the XRP community—stepped in to defend XRP’s place in the initiative. Hoskinson voiced his support for XRP, praising its technology and endorsing Trump’s decision to include it in the reserve.
The Cardano founder said,
“Because XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities. I think the president made the right decision.”
Hoskinson’s relationship with XRP
As expected, Hoskinson’s unexpected support for XRP caught the crypto community off guard, given his turbulent history with its supporters. His past remarks have often put him at odds with the XRP Army. In 2022, he stated that XRP should be regulated as a commodity, sparking intense backlash. By 2023, tensions escalated further when he took a jab at XRP in a now-deleted post. This prompted a sharp response from Ripple CTO David Schwartz. That same year, he even labeled the XRP community as “toxic and petty.”
However, in early 2024, Hoskinson made a surprising move to mend ties, and the XRP Army, against expectations, welcomed his gesture. Now, following his praise for XRP, even Schwartz reacted with disbelief, questioning whether he was dreaming.
Hoskinson replied,
“No, I just appreciate your work after spending some time with the code and protocol for the Glacier Drop.”
Market trend
Meanwhile, the announcement had an overwhelmingly positive effect on XRP’s price, which surged 17.02% in the past 24 hours, reaching $2.65, at press time. However, not all credit goes to Hoskinson as Trump’s announcement was the main reason why the market was painted green on the 2nd of March.
This sharp rise also coincided with significant whale accumulation, a trend highlighted by analyst Ali Martinez.
Ali Martinez on XRP whale
His insights underscored growing institutional confidence in XRP. This suggests that the token’s inclusion in the U.S. strategic crypto reserve could drive further market momentum. Therefore, as investor sentiment strengthens, all eyes remain on XRP’s trajectory in the evolving regulatory and financial landscape.
Conclusion
In conclusion, as the U.S. government formally recognizes XRP in its strategic crypto reserve, market dynamics are shifting. The partnerships and endorsements, particularly from figures like Charles Hoskinson, signify a potential for XRP to reclaim significant standing in the cryptocurrency arena. With whales actively accumulating and institutional confidence on the rise, there is much to watch in the months ahead as XRP’s future price trajectory unfolds.
